“Satoshi, grant me the serenity to accept the things I cannot change, like monetary policy, the courage to self-custody the things I can, and the wisdom to know the difference between fiat and hard money.” — Letter from the Editors of Bitcoin Magazine
WTF is The Fed?
In plain terms, The Fed does four things:
Settles transactions between banks.¹²
Determines banks’ reserve requirements.¹³
Gives loans to banks and charges interest.¹⁴
Buys and sells treasury bills on the open market.¹⁵